Depending on what side of the fence you may be on regarding the current situation in Detroit, this is either good news or bad news. As many know, Detroit’s current debt situation is on a grand scale and many different approaches have been taken to alleviate the situation. The latest attempt will also come up short as the art collection currently being stored at the Detroit Institute of Arts will not be sold to appraisers, despite it’s worth being enough to alleviate a chunk of the city’s debt.
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The Detroit Institute of Arts has an art collection in it’s ownership in which it has been “fair market valued” between $452 to $866 million, according to Christie’s (world renowned fine art auctioneers). Potential buyers have offered more than $1 billion for the collection, but it has been ruled by federal bankruptcy judge Gerald Rosen, that some believe the collection is worth even more and that it is an “inappropriately low assessment”. Despite this latest attempt coming up short, Judge Rosen has said he has no authority over establishing an independent appraisal committee, and the city shall seek other attempts to get a “proper assessment” on the art collection. The state government however, as well as a number of other foundations, have pledged more than $350 million to help support the city of Detroit, and to also preserve the Detroit Institute of Arts collection.
Read a live-blog of the ruling here.
What do YOU think? Should Detroit auction off it’s art collection to the highest bidder? OR should they try to preserve the art collection, even if the profits would all go towards the city’s debt. Let us know in the comments section!